Daba Finance, an Ivorian fintech, was named the overall winner of the Ecobank Fintech Challenge 2024.

Twelve fintech start-ups battled for the $50,000 prize by pitching their solutions to a panel of five judges.

The finalists were judged on criteria such as originality, market potential, scalability, and team strength.

After stiff competition, Daba Finance won US$50,000 for its solution to make investing accessible to all by providing a one-stop investment platform for trading stocks, bonds, and other financial products.

The judges also recognised two other fintechs whose solutions had a lasting impact, according to Ecobank.

Melanin Kapital from Kenya won second place with $10,000, and Guinean fintech YMO came in third with $5,000.

Boum III JR, CEO of Daba Finance, said: “Winning this challenge propels our mission to make investing and wealth building opportunities available for all. With Ecobank as our partner, we are accelerating the journey to making our innovation accessible to millions and bringing financial empowerment to the continent."

For the first time, the general public was given the opportunity to vote for their preferred fintech, and MiaPay from Togo won the “Public Choice Award” for this year’s edition.

At the ceremony, all the finalists were enrolled into the prestigious Ecobank Fintech Fellowship programme, which provides them with valuable exposure to investors and industry leaders, access to Ecobank’s Banking Sandbox to test and develop their innovative solutions, with the possibility of scaling across the Bank’s large pan-African footprint

During his remarks, Jeremy Awori, Group CEO of Ecobank, said: “The African continent is a hotbed for fintech innovation globally and is constantly pushing the boundaries to enhance convenience and establish new digitally enabled capabilities.

"Ecobank’s Fintech Strategy centres on leveraging our borderless pan-African digital platform, to provide cutting edge solutions to fintechs that will benefit millions of Africans. I am particularly proud of what we have achieved so far with fintechs through our annual Ecobank Fintech Challenge.”

He added: “I am hugely impressed by the quality of the pitch of our twelve finalists, and I want to congratulate Daba Finance for making it to the top of the podium. I look forward to seeing how our collaboration will help them grow and scale.”